At 07:00 (AEST), the Australian dollar was buying 71.28 U.S. cents, down from 71.35 U.S. cents on Monday.
Both local and overseas equities reflected a risk averse stance from investors, however the safe haven U.S. dollar ticked only slightly higher.
"AUD/USD held up well given the extent of the equity rout, avoiding a break of 71.00 U.S. cents and steadying around 71.25 U.S. cents, down just 15 pips from Friday's close," Westpac Bank economists said in a morning note.
At 09:30 (AEST), the local unit was buying 71.20 U.S. cents.
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